This scheme, at first deemed Utopian, was opposed by many well meaning men who feared that its effect would be to give a shock to the trade and domestic industry of the province; and who thought that, as the depreciation had been gradual, justice required that the appreciation should be gradual also.
With great difficulty, the measure was carried; and the bills of credit in circulation, were redeemed at fifty shillings the ounce. The evils which had been apprehended were soon found to be imaginary. Specie immediately took the place of paper. Trade, so far from sustaining a shock, nourished more than before this change in the domestic economy of the colony; and the commerce of Massachusetts immediately received an impulse, which enabled it to surpass that of her neighbours who retained their paper medium.[143]
[Sidenote: Renewal of contests with the French colonies respecting boundary.]
The treaty of Aix la Chapelle did not remove the previously existing controversies between the colonies of France and England respecting boundary. These controversies, originating in the manner in which their settlements had been made, and at first of small consequence, were now assuming a serious aspect. America was becoming an object of greater attention; and, as her importance increased, the question concerning limits became important also.
In settling this continent, the powers of Europe, estimating the right of the natives at nothing, adopted, for their own government, the principle, that those who first discovered and took possession of any particular territory, became its rightful proprietors. But as only a small portion of it could then be reduced to actual occupation, the extent of country thus acquired was not well ascertained. Contests respecting prior discovery, and extent of possession, arose among all the first settlers. England terminated her controversy with Sweden and with Holland, by the early conquest of their territories; but her conflicting claims with France and with Spain, remained unadjusted.
On the south, Spain had pretensions to the whole province of Georgia, while England had granted the country as far as the river St. Matheo, in Florida.
On the north, the right of France to Canada was undisputed; but the country between the St. Lawrence and New England had been claimed by both nations, and granted by both. The first settlement appears to have been made by the French; but its principal town, called Port Royal, or Annapolis, had been repeatedly taken by the English; and, by the treaty of Utrecht, the whole province, by the name of Nova Scotia, or Acadié, according to its ancient limits had been ceded to them.